Past performance is not a guarantee of future performance. Individual investor results may vary. Performance results may be materially affected by market and economic conditions. Performance presented net-of-fees is reduced by investment management fees, trading expenses, and administrative fees. Investment strategy has the potential for profit or loss. Interest, dividends and capital gains in Sandhill Composites are not immediately reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment. Third party information in this report has been obtained from sources believed to be accurate; however, Sandhill Investment Management makes no guarantee as to the accuracy or completeness of the information. This is provided as supplemental information to the fully compliant GIPS presentation that accompanies this material. Please see appendix for full performance disclosures. The disclosures provided are considered an integral part of this presentation. *2004 is a partial year: from 3/1/2004 to 12/31/2004.

Statement of Performance: Annual Results - Master CEA Composite

Rate Of Return

Year

Before Deducting Management Fees

After Deducting Management Fees

Standard & Poor’s 500 Index (1)

Number of Portfolios in the Composite

Percent of Wrap-Fee Assets in the Composite

Total Composite Assets
($ Millions)

Total Firm Assets
($ Millions)

2017

﻿+34.1%

+33.0%

+19.4%

596

11.2%

291.1

1,047.5

2016

+18.5%

+17.5%

+9.5%

434

7.7%

199.5

750.9

2015

-2.0%

-2.7%

-0.7%

388

6.6%

171.6

594.3

2014

+11.4%

+10.6%

+11.4%

277

2.9%

154.0

565.9

2013

+38.9%

+38.0%

+29.6%

192

0%

132.5

499.8

2012

+14.6%

+13.8%

+13.4%

138

0%

86.9

406.2

2011

+-1.5%

-2.2%

+0.0%

113

0%

67.1

258.5

2010

+21.5%

+20.7%

+12.8%

89

0%

52.0

184.5

2009

+41.6%

+40.5%

+23.5%

60

0%

33.8

152.3

2008

-37.2%

-37.7%

-38.5%

80

0%

15.6

52.6

2007

+15.7%

+14.7

+3.5%

125

0%

40.1

73.9

2006

+10.4%

+9.4%

+13.6%

132

0%

39.0

66.3

2005

+2.4%

+1.5%

+3.0%

136

0%

35.4

63.1

2004*

+10.3%

+9.4%

+5.9%

76

0%

20.9

44.8

*3/1/2004 - 12/31/2004

(1) Sandhill Investment Management has presented this index for comparative purposes. This index was selected because the Concentrated Equity Alpha Composite contains accounts that hold securities with characteristics similar to those in this index. Past performance is not a guarantee of future performance. Individual investor results will vary. Performance results may be materially affected by market and economic conditions.

NOTE A: BASIS OF PRESENTATION
Sandhill Capital Partners, LLC officially began doing business as Sandhill Investment Management (“Sandhill”) in June 2007. There was no change in ownership or management. Sandhill is defined as a registered investment advisor that is not affiliated with any parent company. The performance statistics disclosed in the accompanying statement are calculated on the rates of return from accounts managed by Sandhill, as defined by: The U.S. Dollar is the currency used to express performance. The Composite includes accounts under management from the first full month at which the account’s capital is fully invested in Sandhill. Closed accounts are included in the Composite through the completion of the last full month under management and are not removed from the historical rates of return.

Sandhill claims compliance with the Global Investment Performance Standards (GIPS ®) and has prepared and presented this report in compliance with the GIPS standards. Sandhill has been independently verified for the periods March 1, 2004 through December 31, 2017. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Concentrated Equity Alpha Master composite has been examined for the periods March 1, 2004 through December 31, 2017. The verification and performance examination reports are available upon request.

The effective date of firm compliance with the GIPS Standards is March 1, 2004. The Master Concentrated Equity Alpha Composite was created on March 1, 2004. A complete list and description of firm composites and policies for valuing portfolios, calculating performance and preparing compliant presentations are available upon request.

The Concentrated Equity Alpha Composite (“Composite”) includes all discretionary non-wrap fee paying accounts in the all-cap core strategy which may hold large, mid, and small capitalization U.S. common stocks, American Depositary Receipts (A.D.R.’s), domestic ETF’s, sector ETF’s, and cash. There are no nonfee-paying accounts included in the Composite. Accounts with securities that are not part of the all-cap core strategy will not be included in the composite. The Concentrated Equity Alpha Composite was created on March 1, 2004.

On May 1, 2018, the Composite was redefined to include only non-wrap fee accounts and accounts that are solely invested in the all-cap core strategy. Prior to May 1, 2018 Non-Wrap fee and Wrap fee portfolios were maintained in a single composite.

Effective September 30, 2010, Sandhill changed the name of the All Equity Composite to Concentrated Equity Alpha Composite. Although the name of the composite changed, the investment strategy remained the same.

Effective May 20, 2013, Sandhill changed the benchmark indices for the Composite to the S&P 500 Index instead of the S&P 500 Total Return Index and the Russell 3000 Index instead of the Russell 3000 Total Return Index. The S&P 500 Index is a float-adjusted market-capitalization weighted index of 500 of the largest US common stocks. The Russell 3000 is a market capitalization-weighted index of the largest 3000 U.S. common stocks. Sandhill believes the new indices more closely correlate to the investment strategy of the Composite, because Sandhill does not immediately reinvest cash dividends as they are received into our clients’ accounts.

The performance presentation utilizes the following criteria:
a) The rates of return are compiled monthly by calculating the percentage change in the end of the period market values over the beginning of the period market values with all cash flows time-weighted. Cash flows consists principally of contributions, withdrawals and management fees. The monthly results are then geometrically linked to derive the rates of return for the yearly rates of return. Geometric linking is the method used to combine rates of return for multiple periods.
b) The rates of return reflect realized and unrealized gains and losses and include dividend and ordinary income (interest).
c) The calculations are weighted for the size of each client’s account as a relationship to the total composite.
d) The calculations are shown both net and gross of investment management fees.
e) Additional information regarding policies for calculating and reporting returns is available upon request.

For purposes of determining market values, securities transactions are recorded on a trade date basis, interest is accrued to the end of the period, and dividends are recorded when received.

Past performance is not a guarantee of future performance. Individual investor results will vary. Performance results may be materially affected by market and economic conditions. Investment strategy has the potential for profit or loss. For a full list of Concentrated Equity Alpha current holdings and position changes for the preceding 12-month period please contact us at (716) 852-0279 x 305.

NOTE B: ANNUAL DISPERSION
Composite dispersion represents the consistency of the Company’s composite performance results with respect to the individual portfolio returns within the composite. Annual composite dispersion is calculated through the use of an asset weighted standard deviation for portfolios included in a composite for the entire year. Composite dispersion is not required to be presented when there are five or fewer accounts in a composite for the entire year. It is important to note dispersion can be caused by client-specific required trading and constraints.

Annual dispersion for the Concentrated Equity Alpha Master Composite, using the asset weighted standard deviation described above on rates of return before deducting management fees and after deducting management fees, is as follows:

Dispersion

Year

Before Deducting Management Fees

After Deducting Management Fees

2017

2.71%

2.80%

2016

1.44%

1.59%

2015

0.69%

0.78%

2014

0.85%

1.03%

2013

2.97%

2.91%

2012

1.47%

1.55%

2011

1.06%

1.17%

2010

1.48%

1.52%

2009

2.51%

2.58%

2008

1.72%

1.69%

2007

3.19%

3.26%

2006

1.24%

1.32%

2005

1.67%

1.80%

NOTE C: EX-POST STANDARD DEVIATION

The three year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. The three year annualized standard deviation is not required for the period prior to 2011. The three year annualized ex-post standard deviation of the composite and benchmark as of each year end is as follows:

Three Year Ex-Post Standard Deviation

Years Ended 12/31

Before Deducting Management Fees

After Deducting Management Fees

S&P 500

2017

13.41%

13.41%

9.90%

2016

15.07%

15.11%

10.53%

2015

15.08%

15.08%

10.45%

2014

12.67%

12.72%

8.97%

2013

16.01%

15.90%

11.97%

2012

18.78%

18.72%

15.12%

2011

21.21%

21.15%

18.73%

NOTE D: FEES

Performance results shown gross of fees do not reflect the deduction of advisory fees. Such fees and costs will reduce the return of the account. Performance results shown net of investment management fees are based on actual investment advisory fees charged to institutional accounts and the total wrap fee charged by the sponsor for wrap accounts, which includes charges for portfolio management, custody and other administrative fees. Sandhill’s standard investment management fee for institutional accounts in the Concentrated Equity Alpha Composite is 1.0% per annum.